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Latest data from the World Gold Council shows demand from top gold consumers China and Indiaslowed dramatically in the first quarter of this year.

While clearly calming down from the torrid pace last year, the movement of gold and silver from West to East continue to transform the global gold market in fundamental ways.

The process playing itself out goes roughly like this:

ETF investors in the US and other developed markets offload their gold holdings allocated to them and held in the UK, where most of the world’s gold vaults are to be found.

From the UK the bullion is exported to Switzerland where the globe’s gold refineries are concentrated, where it’s melted down and recast into smaller bars.

Then the bullion is shipped to China and India and other growing gold consuming nations in Asia led by Vietnam and Indonesia.

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Thoughts
"For a mountaineer, the important things are the effort, the posture and the muscles. The rope that holds him serves no purpose when everything works but it gives him a sense of security. In the same way, all gold does is ensure confidence; it's a safe haven."